The court shall examine the reports required by § 8.01-617, when the same are made to it; and, if satisfied of the correctness thereof, shall order them to be recorded. If it appears from the report of the commissioner that any bond of a receiver, or any bond or other security given by any person to whom money has been loaned under its order, is insufficient, the court shall order additional security to be given, or a new bond to be executed before it, in such penalty as may seem right, and with sufficient sureties. But the execution of such new bond shall not discharge the sureties in any prior bond for their liability for acts of the principal obligor done previous to the execution of such new bond.
§ 8.01-618.Reports of such settlements; when new bond required.
Chapter 23. Commissioners in Chancery · Last amended 1977 · Last verified July 16, 2026
In one sentenceThis section directs the court to review and, if satisfied, record the settlement reports produced under § 8.01-617, and to order additional security or a new bond whenever a report reveals that a receiver's bond or a borrower's bond has become insufficient, without releasing the old sureties for anything that happened before the new bond took effect.
Full Text of § 8.01-618
Plain-English Summary
A settlement report under § 8.01-617 is not the end of the process — the court still has to act on it. This section requires the court to examine the reports required by § 8.01-617 when they are made to it, and if satisfied of their correctness, to order them recorded.
Those reports can also flag a problem that needs fixing. If it appears from the commissioner's report that a receiver's bond, or a bond or other security given by someone who borrowed money under the court's order, has become insufficient, the court must order additional security to be given, or a new bond executed before it, in whatever penalty seems right and with sufficient sureties.
Replacing the bond does not erase the past. The execution of a new bond does not discharge the sureties on any prior bond from liability for acts of the principal obligor done before that new bond was executed — the old sureties remain on the hook for what happened on their watch.
Frequently Asked Questions
What does the court do with a settlement report once it examines it?
If satisfied of its correctness, the court orders it recorded.
What can trigger a demand for additional security or a new bond?
A report showing that a receiver's bond, or a bond or other security given by a person to whom money has been loaned under the court's order, is insufficient.
Where must a new bond be executed?
Before the court, in such penalty as may seem right, and with sufficient sureties.
Does executing a new bond release the sureties on the old bond from past liability?
No, it does not discharge them for acts of the principal obligor done before the new bond was executed.
Which section's reports trigger the court's review under this section?
The reports required by § 8.01-617.
Amendment History
Code 1950, § 8-260; 1977, c. 617.
Source & verification. Section text and amendment history are
reproduced verbatim from the Code of Virginia, published by the
Code of Virginia, Virginia Division of Legislative Automated Systems. Last verified July 16, 2026.
· Official source
Also known as: new bond required for a receiver in virginiainsufficient receiver bond court order virginiarecordation of settlement report circuit court virginia